Zenith Plc, Guaranty Trust Bank Plc (GT Bank), First Bank of Nigeria Limited, Access Bank Plc and the United Bank for Africa Plc are officially the top 5 banks in Nigeria.

This is according to the Banker Magazine’s 2018 1000 Global Banks report which was released last night.

According to the ranking, Zenith Bank was placed first in Nigeria and 402nd bank in the world, showing that the financial institution moved 28 places up, compared with the 430th position it was placed last year.

In Nigeria, Zenith Bank was closely followed by GTBank as the second largest bank in Nigeria and 576th in the world.

Also, First Bank was ranked the third in Nigeria and 592nd in the world.

Access Bank occupied the fourth position and was ranked 630th bank in the world, while UBA was placed fifth in Nigeria and 856th in the global ranking.

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According to The Banker, Africa’s economic fortunes improved over the 2017 review period following a difficult couple of years in which lower commodity prices hit the performance of the continent’s largest markets.

“This slowly improving economic climate was reflected by the growth trajectory of Africa’s banks which have, across the board, posted relatively strong numbers in the 2018 Top 1000 World Banks ranking,” it stated.

Among the top 10 African banks by Tier 1 capital, South Africa’s Standard Bank once again scooped the top spot with $10 billion. This, it stated, was a significant jump from the $8.6 billion in Tier 1 capital the bank recorded in the 2017 ranking. Accordingly, its position in the global table has climbed from 149th to 145th.

Also, Ecobank Transnational Incorporated (ETI), at 337th position, was ranked third in the world.

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